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If I was 16 right now, and I knew what I know now, then I sure as shit would have started a record label.
Not just any sort of record label - a hyperlocal label.
I lived in a small town in Leicestershire called Hinckley, and everyone was in a band. There were at least 5 'proper' bands in our year at school, and everyone in our year was a fan of at least one of them. That's a ready made audience of about 400 kids - If I could turn back time (but somehow not) I'd make some DIY CDs, make some DIY T-shirts, get the music online and start my very own hyperlocal label.
And that's just based on one school year.
Sign up all the bands in your school. Or your town. If it's anything like my town there will be a BUNCH of bands. You can even be selective and only sign the ones that aren't completely shit. Oh ok then, only sign the good ones. It doesn't really matter. Get on with it. They'll all have enough fans to make it worth your while.
However, keep it local. Your niche is that you are the local record label. You are "Hinckley Records" (or at least I would have been), everyone knows you, local press is easy to come by, local gig venues know you're the person to go to for shows.
Your entire town is your audience. Don't worry about anyone outside of that.
Do your research and your costs can be tiny. Put in the effort and your product can be awesome.
You're living in an amazing time. You can literally do this.
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